Reinsurance News
Rise in large industrial claims driving reserve surprises, suggests J.P. Morgan
17th February 2017
Following AIG's recently announced $2.79 billion Q4 loss as a result of a $5.6 billion reserve charge, analysts at J.P. Morgan have suggested that the negative surprise, which is unlikely to be exclusive to AIG, could be the result of increased large industrial claims, particularly in the U.S. AIG's fourth-quarter 2016 ... Read the full article
Hannover Re & Swiss Re take 90% of Sri Lankan agricultural re/insurance scheme
17th February 2017
Hannover Re and Swiss Re have taken a 90% share in Sri Lanka’s state-owned National Insurance Trust Fund (NITF) agricultural insurance scheme; accepting a respective 50% and 40% of the placement, which was made through reinsurance broker J.B. Boda & Co. Three other global reinsurers, which includes Munich Re, share the ... Read the full article
Major insurers lower retentions, buy more reinsurance
17th February 2017
New reinsurance demand is being seen as some of the world's largest insurance companies lower their retentions on existing layers of reinsurance coverage and expand their programs, buying new layers as well. So far this year it has come to light that insurance giant's Zurich and AIG have both significantly reduced ... Read the full article
Uncertain how Trump admin views EU/U.S. reinsurance deal: Eversheds Sutherland
17th February 2017
Following reports earlier in 2017 that the European Union (EU) and the U.S. had reached an agreement designed to improve the $3 billion transatlantic reinsurance industry, law firm Eversheds Sutherland has warned that it's unclear how the Trump administration views the proposed deal. Under the new Covered Agreement, which was ... Read the full article
Re/insurers cautioned over climate change litigation impact: Clyde & Co
17th February 2017
Reinsurers and insurers have been advised to consider whether their businesses are effectively complying with climate change regulation, to protect their underwriting from the potential impact of lawsuits, lawyers from Clyde & Co advised earlier this week. The warning came at a Clyde & Co seminar on the impact of climate ... Read the full article
Reinsurance News – Friday 17th February 2017
17th February 2017
Here’s your daily Reinsurance News for Friday 17th February 2017: AIG hopes to renew Swiss Re casualty quota share on better terms for 2018: Hancock CEO of insurance giant AIG, Peter Hancock, recently said that he his hopeful the firm will be able to renew its casualty quota share reinsurance arrangement ... Read the full article
Oroville Dam failure cost highlighted, rainfall forecast means risk could rise
16th February 2017
Analysis from CoreLogic reveals that a staggering, estimated $13.3 billion reconstruction cost value (RCV) is at risk covering more than 50,000 homes across six counties, should the stressed Oroville Dam in California fail completely. Reservoir levels for the Oroville Dam in California came extremely close to reaching capacity threshold levels from intense ... Read the full article
Concerns highlighted over Indian non-life market performance
16th February 2017
Rating agency A.M. Best highlights concerns about a stalling of performance in the Indian non-life insurance market, something reinsurance firms active in the region will need to watch out for. As more players enter the reinsurance market in India it is important to be aware of primary insurer performance in the ... Read the full article
Willis Towers Watson adds two CRB business, Midwest leaders
16th February 2017
Insurance and reinsurance brokerage, global advisory and solutions firm, Willis Towers Watson (WTW), has announced the appointment of Scot Housh and Mark Vila within its Midwest Corporate Risk and Broking (CRB) business. Housh joined the firm in 1997 and has more than 30 years of insurance broking experience. Most recently he served ... Read the full article
AIG hopes to renew Swiss Re casualty quota share on better terms for 2018: Hancock
16th February 2017
Speaking at an insurance conference run by Bank of America Merrill Lynch this morning, Peter Hancock, the CEO of insurance giant AIG, said that he hopes the company will be able to renew its casualty quota share reinsurance arrangement with Swiss Re on better terms in 2018. AIG entered into a ... Read the full article
Need for mitigation spending highlighted after NSW wildfires
16th February 2017
The Insurance Council of Australia (ICA) has highlighted the need for mitigation against natural disasters as New South Wales (NSW) continues to battle severe wildfires and last December heavy rainfall sparked flash floods, in what was described as a once-in-a-half-century weather event. The ICA said "it’s important to recognise that ... Read the full article
Global insurance rate declines moderated in Q4: Marsh
16th February 2017
Marsh has released its Global Insurance Market Index for the fourth-quarter of 2016, showing insurance rates continued to moderately decline on average across all major, global business lines. Global property insurance rates provided the exception to the trend of more moderate declines, falling by 4.2% in Q4, this compares to a decrease of 3.9% ... Read the full article
Solvency II fuelling increased reinsurance demand: Fitch
16th February 2017
Commentary from reinsurance companies following the key January 1st 2017 renewal season supports the view that Solvency II regulation will increase demand for reinsurance protection, according to international rating agency, Fitch Ratings. The benign large loss environment and abundance of capital in the global reinsurance market, from both traditional and third-party ... Read the full article
Argo launches M&A transactional risk insurance program
16th February 2017
Specialty insurance and reinsurance firm Argo Group is getting into the transactional risk insurance space, focusing on the smoothing of merger & acquisition pains for clients. Argo division Argo Pro has partnered with BlueChip Underwriting Services LLC, to offer a transactional risk insurance program designed to facilitate mergers and ... Read the full article
New York cyber rules could increase demand, but also potential for loss
16th February 2017
Cyber security regulations being put in place by the New York Department of Financial Service (NYDFS) could help to increase demand for cyber risk insurance cover, and ultimately reinsurance, but may also increase the exposure and loss potential re/insurers hold, says Fitch Ratings. The regulations coming into effect on March 1st ... Read the full article
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